Cumulus Media reported weaker first-quarter results as the company continues working through its Chapter 11 restructuring, even as it reaches a critical milestone in the process.
For the quarter ending March 31, net revenue totaled $164.4 million, down from $187.3 million a year ago. The company posted a net loss of $16.9 million, an improvement from the $32.4 million loss reported in the same period last year. Adjusted EBITDA also declined, coming in at $2.7 million.
The pressure was most evident in core broadcast operations. Radio revenue dropped to $100.7 million, with declines across both spot and network categories. Digital revenue also moved lower to $33.5 million, while other revenue streams showed growth, rising to $30.2 million.
Despite the softer financial performance, leadership is pointing to progress on the restructuring front. President and CEO Mary G. Berner said the company has reached a significant step forward following court approval of its plan.
“This marks a pivotal milestone in strengthening our financial foundation and positioning the company to compete in the evolving media landscape,” Berner said in the company’s official investor release.
Cumulus entered a prepackaged Chapter 11 process in early March, with the U.S. Bankruptcy Court approving its reorganization plan in mid-April. The company is now awaiting FCC approval before the plan can be finalized and take full effect.
As of March 31, Cumulus reported $57.6 million in cash and cash equivalents, down from $82 million at the end of 2025. Capital expenditures for the quarter totaled $3.9 million.
The results highlight the continued challenges facing large broadcast operators, even as Cumulus works to stabilize its balance sheet and position itself for the next phase of its business.
On The Dial covers breaking radio industry news, including layoffs, programming changes, talent moves, and broadcast trends across the United States.